15. PRECURE – ECONOMY – WEEK – 3

WTO – Subsidies
India has submitted a new proposal to the World Trade Organisation (WTO),
suggesting that developing countries and the least developed countries (LDCs) should be exempted from prohibitions for granting certain fisheries subsidies
if the fishing occurs within waters under a country’s own authority.

At the Ministerial Conference in Buenos Aires in December 2017,
members agreed to work towards adopting an agreement on disciplines that prohibit subsidies that contribute to overcapacity and overfishing,
and eliminate subsidies that contribute to illegal, unreported and unregulated fishing by the next the Ministerial Conference in 2020.

WTO – Subsidies
In the negotiations, a number of developed country members, such as the US and Australia, are trying to do away with special and differential treatment for developing countries, in terms of lower reduction commitments.
Do Watch our Lecture on WTO.

It’s very very important from the Prelims point of view.
On WTO:

On WTO Boxes:

MPEDA – Marine Product Export Development Authority
Marine Product Export Development Authority to revive the production of black tiger shrimps have started receiving encouraging response from farmers.

About MPEDA
The Marine Products Export Development Authority (MPEDA) was set up by an act of Parliament during 1972.
The erstwhile Marine Products Export Promotion Council established by the Government of India in September 1961 was converted into MPEDA on 24th August 1972.
MPEDA is given the mandate to promote the marine products industry with special reference to exports from the country.
It is under the Ministry of Commerce & Industry.

The Marine Products Export Development Authority (MPEDA) was set up by an act of Parliament during 1972.
The erstwhile Marine Products Export Promotion Council established by the Government of India in September 1961 was converted into MPEDA on 24th August 1972.
MPEDA is given the mandate to promote the marine products industry with special reference to exports from the country.
It is under the Ministry of Commerce & Industry.
Workforce under flexi-staffing or those provided through contractors to various employers has been steadily growing.
The rise in a number of flexi-staffing workers indicates formalisation of the workforce. They get provident fund, group insurance, health insurance and other social security benefits available to formal sector workers.
Besides, the employers have virtually no need to comply as many as 44 labour laws. The contractors or flexi-staffing firms take care of all such legal obligation.
The reforms that had a significant impact on job formalization include Skill India Initiative, GST Reform, EPF Reform and ESIC Reform among others. It showed that Haryana, Gujarat, Karnataka, Madhya Pradesh, Andhra Pradesh and Telangana are the states with high growth potential for flexi-staffing.

Kaladan Multi-Modal Transit Transport Project
The project is connecting the eastern Indian seaport of Kolkata with Sittwe seaport in Rakhine State, Myanmar by sea.
In Myanmar, it will then link Sittwe seaport to Paletwa in Chin State via the Kaladan riverboat route, and then from Paletwa by road to Mizoram state in Northeast India.
It seeks to create an alternative access route to the North-Eastern region by developing a multi-modal mode of transport for shipment of cargo from the Eastern parts of India to Myanmar as well as to the North-Eastern part of India through Myanmar.
The project provides a strategic link to the North-East, thereby reducing pressure on the Siliguri Corridor.

Kaladan Multi-Modal Transit Transport Project

Invest India & FDI
Invest India was formed in 2009 under Section 25 of the Companies Act 1956 with 49 per cent equity by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry and 51 per cent shareholding by FICCI. Invest India acts as the National Investment Promotion and Facilitation Agency and first point of reference for investors in India.
The current shareholding pattern of Invest India has 51 per cent equity by industry associations ( that is, 17 per cent each of FICCI, CII, and Nasscom) and the remaining 49 per cent by the Centre and 19 State governments.
FDI inflows depend on a host of factors such as the availability of a natural resources, market size, infrastructure, political and general investment climate as well as macro-economic stability and investment decision of foreign investors.

Kimberley Process
The Kimberley Process (KP) unites administrations, civil societies, and industry in reducing the flow of conflict diamonds – ‘rough diamonds used to finance wars against governments’ – around the world.
India is the Chair and host of 2019 Kimberley Process.
Indian Government recently announced that it plans to promote common facility centres to support gems and jewellery industry.

multi-brand retail
According to FDI policy, India permits foreign direct investment in the multi-brand retail sector with a cap of 51 per cent ownership by overseas players.

Draft e-commerce policy is being finalised by the Department for Promotion of Industry and Internal Trade (DPIIT).

E-commerce

E-commerce means buying and selling of goods and services including digital products over a digital & electronic network.

Inventory based model of e-commerce
An e-commerce activity where an inventory of goods and services is owned by e-commerce entity and is sold to the consumers directly.
FDI is not permitted in inventory based model of e-commerce.

Marketplace based model of e-commerce
Means providing an information technology platform by an e-commerce entity on a digital & electronic network to act as a facilitator between buyer and seller.
100% FDI under automatic route is permitted in the marketplace model of e-commerce.

Inventory of a vendor will be deemed to be controlled by an e-commerce marketplace entity if more than 25% of purchases of such vendor are from the marketplace entity or its group companies.